Policy Holder Protection

A healthy and developing insurance sector is of vital importance to every modern economy. The growing size of the sector, the high level of sophistication in marketing and selling practices and forms of promotion like advertising, etc. have contributed to the increased need for protection of the insurance policy holders.

The Insurance Regulatory and Development Authority of India (IRDAI) works on protection of the consumer right and development of the insurance sector. The Insurance Regulatory and Development Authority Act, 1999 spells out the Mission of IRDAI as: "... to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto......"

Insurance Products and Your Rights
Life Insurance is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household. Though human life cannot be valued, a monetary sum could be determined based on the loss of income in future years. Hence, in life insurance, the Sum Assured (or the amount guaranteed to be paid in the event of a loss) is by way of a 'benefit'. Life Insurance products provide a definite amount of money in case the life insured dies during the term of the policy or becomes disabled on account of an accident.

Do and Don'ts of Life Insurance
Dos

  • Think through why you are buying insurance and what core requirements and expectations
  • Seek and receive advice and options patiently
    Be open-minded but cautious about the advice and information you gather Ask lots of questions about the policy options to see what fits your needs Find out policy details like: Whether it is a Single Premium or Regular Premium policy Which is the best premium payment frequency that suits you eg: Annual, quarterly etc. Whether there is an ECS (Electronic Clearing Service) payment option to make your premium payment safe and easy
  • Fill the proposal form very carefully and personally fill it completely and truthfully, remember you are responsible for its contents make sure that the information you give cannot be disputed during a claim. Ensure you fill Nomination details, if the form is in one language and you are answering the questions in a different language. Ensure the questions are explained correctly to you and that you have understood them completely. Remember you have to give a declaration to this effect in the proposal form.
  • Keep a copy of the completed proposal form you have signed and any declarations along with terms agreed upon mutually for your records
  • If you are buying Unit Linked Insurance Policies (ULIPs) ask specific questions about:
    • Various charges
    • Fund options
    • Switching of funds
    • Benefits if you
      • Discontinue the policy
      • Surrender the policy
      • Make a partial withdrawal of funds

Don'ts:

  • Do not leave any column blank in the proposal form
  • Do not let anyone else fill it up
  • Do not conceal or misstate any facts as this could lead to disputes at the time of a claim
  • Do not miss or delay your premium payment

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